Nigeria’s GDP slides to $493bn

NIGERIA’S real Gross Domestic Product (GDP) declined significantly from $573 billion in 2014 to $483 billion in 2015, representing more than 14 per cent drop in one year.

This was as import/export trading activities slowed down with export dropping by 32 per cent from $82.6 billion in 2014 to $50.7 bil­lion in 2015 and import drop­ping by 21 per cent from 61.6 billion in 2014 to 48.4 billion in 2015. Besides GDP de­cline purchasing power par­ity, however rose from $1.03 trillion in 2014 to $1.11 tril­lion in 2015.

Speaking at the Nige­rian Logistics and Supply Chain: Industry Report 2016 in Lagos, Lead Consultant, ECOWAS Commission for Industry and Private Sector Development, Prof. Ken Ife, said that logistics sector is es­timated at well over N200 bil­lion and is growing at annual rate of 10 per cent. Read more